Dry-cleaning and specialist textile aftercare services provider Johnson Service Group plc (JSG.L) Tuesday posted a profit for the year ended 31 December 2009, compared to a loss last year. The turnaround reflected exceptional pension credits and the company's focus on costs. The company expects to achieve a satisfactory result for 2010. Shares of the company rose over 6% in the morning trade.
Pre-tax profit for the year was GBP 20.6 million compared to GBP 6.8 million in the previous year. Adjusted profit before tax increased to GBP 12.2 million from GBP 6.0 million in the previous year.
Profit attributable to equity holders were GBP 11.4 million or 4.4 pence per share, compared to a loss of GBP 6.1 million or 4.2 pence per share last year.
On an adjusted basis, profit attributable to ordinary shareholders increased to GBP 8.1 million or 3.1 pence per share from GBP 4.8 million or 3.3 pence per share in the prior year.
Net exceptional items from continuing operations for the year were a credit of GBP 12.0 million compared to a charge of GBP 8.7 million. The credit arose from a reduction in the defined benefit pension scheme liabilities of the Group. The Preston Brook, Cheshire-based company's annual revenues declined to GBP 236.4 million from GBP 252.3 million, while revenue excluding costs recharged to customers decreased to GBP 229.3 million from GBP 242.6 million last year.
On a segmental basis, revenues from textile rental services decreased to GBP 116.9 million from GBP 122.6 million in the previous year, and revenues from dry-cleaning dropped to GBP 83.5 million from GBP 91.5 million a year ago. Revenues from facilities management decreased to GBP 36.0 million from GBP 38.2 million last year.
Operating profit for the year rose to GBP 26.3 million from GBP 5.0 million, and adjusted operating profit increased to GBP 17.5 million from GBP 16.9 million a year ago. The company proposed a final dividend of 0.5 pence per share, making a total dividend of 0.75 pence per share for the year. The final dividend, if approved by shareholders, will be paid on 21 May 2010 to shareholders on the register on 23 April 2010.
"Although we are not anticipating any upturn in trading conditions, the Board expects to achieve a satisfactory result for 2010," the company said in a statement.
JSG.L is currently trading at 19.40 pence per share, up 1.15 pence or 6.30% on the London Stock Exchange.
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